Cookie compliance notification

What are cookies?

Cookies are the files stored in your browser and are used by most websites to help personalise your web experience. Some features on this site will not function without these cookies. Click each category for more information on the cookies this website uses. By continuing to browse the site you are agreeing to our use of cookies.

List of Cookies used on Argus Media

Analytics Cookie

These cookies allow us to count page visits and traffic sources so we can measure and improve the performance of our site, using a service provided by Google Analytics. The analytical cookies are non-intrusive, which explains why they are already set when a user accesses this website.

Argus Products

You are here:

Brussels close to tougher transparency rules

28 Mar 2013, 12.51 pm GMT

Brussels close to tougher transparency rules

Brussels, 28 March (Argus) — The European Parliament and the EU's Irish presidency are close to concluding negotiations on tougher oil and gas transparency rules. The new EU legislation would set a €100,000 ($150,000) payment threshold to trigger reporting on a country and project basis.

Negotiators from the European Parliament and the EU's Irish presidency, representing member states, have agreed on granting no exemptions for EU extractive companies operating in third countries that prohibit disclosure of payments by law.

Member states deleted a requirement, put forward by parliament, to detail payments for pipeline transit fees and government security forces. Projects would have to be defined according to a legal agreement between a company and host government rather than internal company criteria.

The compromise reached sets the threshold to trigger reporting at €100,000, rather than €500,000 as put forward last year by member states or €80,000 as favoured by MEPs.

The European Commission first proposed the new transparency rules in October 2011 as part of revised draft accounting and transparency directives. Last August, the US Securities and Exchange Commission (SEC) adopted detailed final rules setting a $100,000 threshold and mandating project level reporting.

EU officials hope to conclude negotiations on 9 April. This would allow the legislation to be formally adopted before the summer.

All rights reserved Notice: By accessing this site you agree that you will not copy or reproduce any part of its contents (including, but not limited to, single prices, graphs or news content) in any form or for any purpose whatsoever without the prior written consent of the publisher. ARGUS, the ARGUS logo, ARGUS MEDIA, ARGUS DIRECT, ARGUS OPEN MARKETS, AOM, FMB, DEWITT, JIM JORDAN & ASSOCIATES, JJ&A, FUNDALYTICS, METAL-PAGES, METALPRICES.COM, Argus publication titles and Argus index names are trademarks of Argus Media Limited.